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It follows China clamping down on crypto markets and Musk’s shock announcement when he appeared to be in favour of Tesla acccepting Bitcoin as payment for its services. While some stablecoins, like tether, are supposed to be backed by assets, others rely on complex algorithms to maintain their peg to the US dollar. said Thursday that cybercriminals had breached its security systems earlier in the week and made off with more than $30 million in stolen bitcoin and ethereum. Ornella is a Miami-based multimedia journalist covering NFTs, the metaverse and DeFi. Prior to joining Blockworks, she reported for Cointelegraph and has also worked for TV outlets such as CNBC and Telemundo.

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DAOs form for a common purpose, like investing in start-ups, managing a stablecoin or buying NFTs. Members of DAOs are clashing with one another about how to balance the need for skilled and experienced managers against the idealistic vision of communal decision-making. In some cases, crypto investors and regulators say, the ventures amount to Ponzi schemes intended to do little more than bolster the value of the digital tokens they sell.

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On Terra’s own blockchain, UST has a symbiotic relationship with its satellite asset luna, which can be used to earn cryptocurrency rewards. It was always possible to exchange UST for luna and vice versa, and the blockchain’s own code always made sure that terra traded at a dollar a unit, while luna’s varying price was determined by algorithms keeping an eye on the market. A stablecoin is a cryptocurrency designed to be pegged to another asset, like the US dollar or the euro. They are meant to be less volatile than other cryptocurrencies like bitcoin or ether, which can swing wildly throughout the day. Two-factor authentication, or 2FA, is the multistep security system that requires users to provide two distinct forms of identification,